Industry Bounce-Back Continues In May

Jun 11 2008 | 11:24am ET

Hedge funds continued their resurgence in May, powering their way back into positive territory with a 2.01% return.

The Greenwich Global Hedge Fund Index is now up 0.49% on the year, Greenwich Alternative Investments said. For the second straight month, long/short equity managers were on top, adding 2.35%. Specialty strategies funds rose 2.1%, directional trading funds returned 2% and market-neutral funds added 1.39%.

Investable hedge funds rose 1.66%, Greenwich AI said.

“Across the board, hedge funds performed well in May,” Margaret Gilbert, managing director, said. “But the real story is told when comparing year-to-date performance. Hedge funds are positive for the year compared the major equity indices, which still remain negative.”

The Standard & Poor’s 500 are still down 3.8% year-to-date after a 1.3% return last month.

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